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[Apha Biz=(Chicago) Reporter Paul Lee] The financial supervisory authorities imposed a fine of 1.063 billion won on Kepler Cheuvreux, a foreign investment company, for short-selling 40,000 shares of SK Hynix without leverage.
In addition, 10 securities firms and asset management companies that violated regulations related to short selling, such as delayed disclosure of net holding balance of short selling, were caught and fined.
According to the Financial Services Commission on the 10th, the Securities and Futures Commission under the Financial Services Commission approved the measure at the 13th regular meeting. In September 2021, Kepler Cheuvreux was notified of a fine for selling 41,919 shares (4.45 billion won) of SK Hynix shares that were not owned by the fund.
The Securities and Futures Commission fined 10 companies, including Deutsche Bank, Macquarie Bank, SK Securities and Shinhan Asset Management, 255 million won, judging that they reported their net holdings late or violated their obligation to disclose them. Among them, Shinhan Asset Management has the largest fine of 70.5 million won. Shinhan Asset Management belatedly reported net holdings of 45 stocks for 10 days from September 2018 to January last year. Macquarie Bank was fined 54 million won in November 2018 and September 2019 for delaying reporting net holdings of 192 stocks. Securities & Futures Commission also notified fines such as 31.5 million won for Kiwoom Securities, 30 million won for Hanyang Securities, 24 million won for SK Securities, 12 million won for C-Square Asset Management, 7.5 million won for HSBC and Deutsche Bank, and 6 million won for Buguk Securities. Park was notified of a fine of 16.1 million won for violating public sale regulations.
Financial supervisory authorities have recently stepped up their crackdown on illegal short selling, including naked short selling. The Financial Supervisory Service called in a compliance officer of a foreign securities firm on July 7 to check the public sale order process.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
